Hong Kong, Shanghai Markets End The Week With Gains

Hong Kong and mainland stock markets ended the week on a positive note on Friday as dealers brushed off early worries about trade talks, while a forecast-beating reading on manufacturing activity provided a boost.

The Hang Seng Index added 0.7 percent,to 27,100 as investors brushed off a much-sharper-than-expected dive in third-quarter economic growth caused by the trade war and months of anti-government protests.

On the mainland, the Shanghai Composite Index jumped 1 percent, to 2,958 and the Shenzhen Composite Index rose 1.3 percent, to 1,637.

Seoul added 0.8 percent and Sydney edged up 0.1 percent. However, Tokyo retreated 0.3 percent, while Wellington and Jakarta were also lower.

But analysts were nervous about a Bloomberg report which said Chinese officials were sceptical they would be able to reach a comprehensive long-term deal.

National Australia Bank's Ray Attrill added that expectations would be low for anything past phase one being agreed ahead of the 2020 presidential election.

"Yet some market participants evidently held the view that passage of phase one could quickly lead to progress on phase two next year," he said. (AFP)